Many people who live in the city are taken with the notion of going to the country to get away from the rat race.  However even if you come across a great deal on one it will often mean being responsible for paying another mortgage.  This is on top of property taxes, heat and hydro and general maintenance costs that can all add to your financial worries.  This is often enough to turn people off from purchasing a cottage but by renting it out you may be able to recoup some of these costs and maybe even turn a small profit.

Seems good right?  However before you determine that renting your cottage is the way to go here are 4 things you absolutely have to take into account.

Make Certain You Are Requesting The Right Rental Price

It’s hard not to get emotionally attached to your property but you need to be objective in setting the rental price for your cottage.  It will take a bit of homework on your end and you may need to enlist the advice of a real estate agent.  You will need to see what similar cottages in the vicinity are renting for.  Where your property is can be a factor because if you have waterfront cottages Wasaga Beach, being a summer hot spot, would rent for more. Winter time can also be great a time to earn some pretty good money on your Blue Mountain condo if it is close to the ski hill. If your location is not the greatest then make sure that it is in excellent condition and be ready to negotiate.  If your cottage sits empty for a week you will not make that money back.

Great Pictures Can Make Renting Much Easier

Ensure you are receiving the most from your advertising dollar and that does not mean you have to spend a lot.  Take as many photos of your property as you can.  Digital pictures cost nothing to make and even the camera in most cell phones are good enough.  The more you are able show possible renters the better.  This can back-up the rent you are asking and save you time in only answering genuine inquiries.

You Need Be Searchable On The Web

Those who are receptive to renting a cottage are not going to be local and can possibly be from major cities or also around the world.  There are sites that focus on cottage rental listings or for more control you can create your own site.  Advertising on-line will give you exposure that you simply cannot get in any newspaper or any other form of media.  There are a surprising number of rental cottages that do not correctly execute this step which can you give a bit of an advantage.

4.  Answer Inquiries Quickly

You are probably not the only person receiving phone calls and e-mails about your cottage.  If you are able to respond within a short time period of getting the inquiry you stand a better chance of getting the renter.  Your goal may simply be to make some extra money but you must still treat it as a business.

Through a mixture of research, marketing, and a little hard work you will rent your recreational property and cover some of your costs or even make a bit extra.

Now may be the best time to buy the cabin you always dreamed of considering that the cottage real estate market was not spared by the economic downturn. The cabin country real estate market is now more stable after years of the demand exceeding the supply. Time-share and new condo developments are proposing generous incentives to possible buyers while the prices of resale properties are falling as seen in the Collingwood real estate market.

Enlisting the help of an area specialist should be your first order of business. The real estate agent you select should have a thorough working knowledge of cottage properties. Do not assume that because an agent works in an area surrounded by lakes and cottages he will know the answer to your questions. Experience selling in the recreational real estate market should be your determining factor when choosing an area specialist.

Zoning is a very important aspect to consider. You may be prevented in some cases from changing your cottage into a year round retreat by municipalities having adopted a season using zoning. Additional constructions and additions follow the same rules. Once you select an area that you enjoy, make sure that you ask your agent about zoning by-laws. The cottage associations deal with the daily issues while the zoning by-laws are passed by the municipalities.

You should know that you may not allowed to change the beach or shore line of a waterfront cottage that may interest you. Adding fill or modifying the slope of the land may be prevented from the authorities, as is the case for Collingwood cottages. Any structures that impact the shoreline such as boathouses, docks, retaining walls, etc need permission before they can be built or modified. It would be smart to add a clause to your purchase agreement that warrant the legality of existing structures or to make sure that modifications can be made in the future.

The road access to and from your property is another area that should be researched before finalizing a purchase. You should find out if the road access is public or private, whether it is open year round, and who is in charge of the upkeep of the roadway. The access may be along a private right of way in some cases.

The sewage and water structures are another thing to consider. In most cases, water is drawn from wells or from lakes and rivers. It is important to have your water tested by the local health authorities to ensure that is safe to absorb. You may have to install a mechanical purifier in order to receive potable water. Waste disposal is usually provided with a septic system and these are strictly regulated by the Environmental Protection Act. In many of older cottages, the septic system may be a crude improvisation. You will need to replace the system for a more capable one if you plan on constructing an addition on the cabin.  

A final consideration would be the financing of the property. You will require financial assistance, if like most purchasers, you cannot manage to pay cash for the cottage. You will be asked to put down a minimum down payment of 20% although the amount of financing available will change with each financial institution. The financing choices available for cottage properties should be evaluated with a local mortgage broken with experience in this market.

Many North American have the tradition of getting out of the city with the kids on the weekends. Most of us dream of owning a cottage and having our little piece of heaven with clean air, trees and beautiful surroundings but without some initial legwork, the dream can become a nightmare.

The first question you should ask yourself is: can you afford to buy a second property?. Go visit your bank manager to evaluate if there is a way to finance the cottage such as increasing your existing mortgage or applying for a second one. You will need to have the finances available to cover the additional payments.

Your next step will be to choose an area you will love and can afford to buy. The drive time from their main property can be the main deciding factor when choosing a location but other aspect should also be taken into consideration. Do you prefer your cottage to be close to a lake or ski hill?  For example Blue Mountain real estate in Ontario has skiing during the winter and beach activities for the summer making Blue Mountain cottages very popular as a year round destination. Do you prefer to be fairly isolated within a wooded lot with neighbors distant from you?

Other elements you will need to consider are the number of bedrooms, the condition of the house and of the plumbing and electrical systems as well as the water supply and the winterization of the property. Find out if the road to your cabin will be opened year round by the municipality.  Consider the condition and position of the sewage system, particularly a septic tank or tile bed. Evaluate the laws regarding your water privilege, hunters coming on to your property or others having access to your land. Lastly you should determine if you will be able to modernize or add to the cabin.

You may want to consider the services that are in proximity of your future cottage. Services that may be crucial to you may involve grocery, emergency services, phone, cell phone and internet access, marina close by, etc.

Making the decision to buy a cottage can be exciting and scary. It is a decision that requires careful thought and evaluation. Doing your research before you buy will ensure that you get the best cottage for you. Ask lots of questions, everything should be explicit to you. Working with an experienced real estate agent will give you an advantage in finding and choosing the perfect cottage for your family.Your new cabin deck is waiting for you as is the nature in your little piece of paradise.